US President Donald Trump has issued a stark warning to Russian President Vladimir Putin, threatening severe economic measures unless a peace agreement is reached to end the conflict in Ukraine.  

In a post on Truth Social, Trump cautioned that he would impose significant taxes, tariffs and sanctions on Russian exports to the US and unspecified “participating countries” if the Kremlin does not act quickly to bring an end to the war.

Trump’s statement follows his repeated campaign pledge to resolve the Ukraine conflict within 24 hours of taking office – a promise that remains unfulfilled.  

The US President described Russia’s economy as failing and framed his proposed actions as a "favour" to Putin, asserting that they could help end what he called a “ridiculous” war. Trump further urged the Russian leader to negotiate a resolution swiftly, emphasising the Kremlin’s mismanagement of its economy and its acceptance of high casualty rates.  

“If we don't make a 'deal' soon, I have no other choice but to put high levels of taxes, tariffs and sanctions on anything being sold by Russia to the United States,” Trump wrote.  

Trump’s strategy marks a significant departure from that of his predecessor, Joe Biden, who prioritised military and financial support for Ukraine. Trump has criticised Biden for allocating billions of dollars to Kyiv amidst domestic economic challenges.  

However, it is unlikely that new tariffs or sanctions would have a significant impact on Russia’s economy. US-Russia trade had already diminished sharply due to existing measures, falling to $2.8bn in 2024 from $29.6bn in 2021. Key Russian exports, such as oil, have already been halted, leaving limited scope for additional economic pressure. Moreover, Russia, one of the world’s most sanctioned nations, is likely well prepared to withstand further measures.  

Despite these challenges, Trump’s remarks represent some of his strongest criticism of Putin to date. His focus on Russia’s economic struggles and high casualty rates may signal the White House’s belief that Moscow is under time pressure, a vulnerability it aims to exploit.  

In response, Dmitry Polyanskiy, Russia’s deputy UN ambassador, stated that Moscow would evaluate what Trump means by a “deal.” 

“It’s not merely about ending the war,” Polyanskiy said, “but addressing the root causes of the Ukrainian crisis.” 

This is likely to refer to long-standing Kremlin demands for Ukrainian neutrality, a rejection of NATO membership, and the lifting of sanctions imposed after the 2022 invasion.  

Trump’s criticisms of Putin follow a more conciliatory tone taken by the Russian President. Hours before Trump’s inauguration, Putin praised the US President’s “courage” during a Security Council meeting. He noted Trump’s stated commitment to reducing global tensions and expressed willingness to engage constructively with his administration on issues such as Ukraine.  

“This dialogue must be built on principles of equality and mutual respect, recognising the significant role our countries play in key global issues, including strategic stability and security,” Putin said. He also emphasised the importance of achieving a “long-term peace” in the region rather than a temporary truce.